Accountancy firms are facing major problems in attracting great accounting staff. The firms lack the talent they need to meet their business objectives. The competition in the recruitment market to attract talents is tough. According to reports by Hays UK Salary and Recruiting trends, 78% of the accountancy firms have informed that they find it difficult to recruit permanent staff over the period of 12 months while 60% of the practices have struggled to recruit contract or temporary staff.
As a result of the competitive landscape, salaries in the accounting and finance sector have given a rise by an average of 1.8% in 2020, with 81% of employers increasing staff pay. Although there is a large pool of talent available for employers to benefit from., provided they will be able to attract and retain the best employees.
So now the question is, how do you attract great accounting staff? And after hiring how can you retain them as well?
Following are some tips and tricks in which you may attract and retain a pool of talents required to meet business objectives.
Provide great salary
Money really talks for all industry levels. 40% of the candidates say that they would be tempted to move out for a better salary and benefits package. The practice may be at loose if they fail to benchmark these salaries and ensure they are in line with the market.
With recruitment costs being slightly higher for small enterprises, it would work out to be more cost-effective if they choose outsourcing accounting services. You may save up on the cost of hiring and training the employees.
Many people leave their organizations because they feel their career is not going anywhere. Everybody wants to see their personal as well as professional growth in a particular firm. If you can’t offer them the progression they need, they will surely find another job somewhere else.
According to a study – In an accounting and finance firm, 24% of experts state that they leave their jobs because of the lack of career development.
Offer more perks
Most firms offer almost the same types of packages to their recruits. That is why it becomes your duty to separate what you give to your employees like – small but necessary perks employees ache for. For instance, thank your team with gifts after tax season. Make summer plans by offering more leaves.
You can also arrange an epic occasion party and surprise gifts for the staff. Make certain to specify these captivating advantages during the hiring process. You can also make them feel more valued by involving them in different decision-making procedures.
Talk about more non-wage perks
Not everything is related to salary. You can offer multiple great chances to your employees in order to generate a sense of belongingness in their minds. Allow them a whole week off after the tax season. Give them the chance to present their ideas. Listen to their grievances timely. You have to basically become more flexible.
More inclusive company’s culture
A steady workplace tells work seekers and employees the same that you regard everyone. Keep your group spurred with important work, and ensure they see how they can add to the organization’s main goal.
You know group building works out, company trips, and coaching programs help employees make great bonds and positive connections. You should try to understand them more and never ever let your personal judgment affect your professional nature as an employer.
Your best performers deserve a great boost in their careers. You must discuss their future in the company and how they can achieve their goals while working for you. It means you should have proper discussions with them to boost their morale.
Promotion is the key to increasing their will to work more. It will give them more opportunities to face challenges easily and be more responsible for their day-to-day work.
Consider their soft skills too
In an outsourcing accounting world, accountants have started offering more advisory and consultancy services. They help their clients to plan more strategies to improve their cash flow management.
Obviously, every candidate you will consider will have the required accounting knowledge but your task here is to check their soft skills too. Look at their decision-making skills, problem-solving skills, and different abilities to cope up with unwanted risks.